The Big East Conference has put together a framework for an agreement that will allow the member schools known as the “Catholic 7” to break away from the Big East in July, according to USA Today Sports.

As part of the agreement, the Catholic 7 (DePaul, Georgetown, Marquette, Providence, Seton Hall, St. John’s and Villanova) will keep the Big East name and keep Madison Square Garden as the site for their men’s basketball tournament, according to the report.

The agreement could be announced on Thursday, according to the report.

The main negotiations have centered on money, specifically how to split a cash reserve of over $100 million built from the exit fees for schools that have left or will leave the Big East, according to the report. Also being negotiated is how revenue from the NCAA Tournament will be split.

The remaining schools in the conference currently known as the Big East will be left to find a new home for their conference tournament. Cincinnati, Connecticut and South Florida will be joined by Central Florida, East Carolina, Houston, Memphis, SMU, Temple and Tulane over the next two years. Navy is scheduled to join as a football-only member in 2015.

Notre Dame is expected to join the ACC in the fall, according to the report.